Anthony Habis, who heads the bank’s family office coverage in the region, said: "What we are seeing is that the old money has become more progressive and more institutional in the thinking and there is a big push to build out the capabilities."

"You are seeing some of the largest family offices setting up in Geneva, London and New York which wasn’t the case earlier. They are being smarter with the money they spend," Habis added.

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Habis also added that Middle East clients have toned down their aggressive return expectations and are now focused on wealth preservation, capital protection and estate planning instead.

According to a study by Boston-based Cerulli Associates, industry-wide assets under management for single-family offices stood at about $1.2 trillion in September 2011, while multi-family funds had assets of $777 billion in December 2012.

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